Ethereum is over $2,500 as the system’s influx rises and the Bulls defend key support at $2,395. Will ETH retest $2,699 next?
The broader crypto market remains muted as tensions in the Middle East escalate. Ethereum holds around $2,500, and a low-priced rejection suggests bullish support at a lower level. Within these conditions, will institutional support revive Ethereum’s bullish trend?
Ethereum price analysis
On the daily charts, Ethereum prices show a decline in trends since last week. Currently, it is slightly above the Fibonacci level of 38.20%. Currently, Ethereum is trading for around $2,522.
A low price rejection apparent at the long core of daily candles suggests bullish support at lower levels, increasing the likelihood of a reversal of the trend.
Additionally, the $2,395 support level remains intact since early May, further increasing the chances of a comeback and supporting the possibility of an upward trend. However, the momentum indicators show contradictory views.
The decline in MACD and signal lines are approaching the zero line, indicating a surge in sales pressure. Meanwhile, the daily RSI remains flat at the midpoint level.
A potential reversal for Ethereum could test a 50% Fibonacci level at $2,699. However, if you fall below the 38.20% Fibonacci level, you could drop to the $2,000 psychological mark.
Institutions that still acquire Ethereum
Despite recent declines in Ethereum, institutional support continues, with a small leak of $2.18 million recorded on June 13th over the past five weeks. US Ethereum Spot ETFS recorded a total net inflow of $11.09 million on June 17, according to data from SoSovalue.
Overall, the monthly inflow in June hit a 2025 highest of $860 million. Therefore, increased institutional support could quickly lead to Ethereum spot price gatherings.
Total Ethereum Spot ETF History
Ethereum Derivatives
Coinglass data shows a decline in bullish activity in the Ethereum derivatives market, falling 2.29% to $34.73 billion. The increase in bullish trader liquidation over the past 24 hours appears to have led to a capital withdrawal from Ethereum Derivatives.
Data shows that the short liquidation wiped out long positions worth $35.4 million in 24 hours, compared to $27.44 million. This creates a long-term ratio of 0.9673, suggesting a slightly higher number of active short positions.